London-based Marlowe PLC, a fire, security, water treatment, and air hygiene services provider, announced that it has bought property health and safety risk management services firm William Martin for 30 million pounds ($37.9 million).
In addition, Marlowe intends to secure $8.8 million via a share placing to help finance the transaction.
Marlowe will acquire William Martin Compliance Solutions and Ivor Roy Ltd, which together make up William Martin, for a total enterprise value of $37.9 million, meaning counting both equity and debt.
Marlowe said that the deal significantly advances its strategy of providing its customers with a comprehensive one-stop approach to their health & safety and regulatory compliance needs. For the year ended April, William Martin reported $3 million in pretax profit from $9.4 million revenue.